Why You Need Multiple Streams of Income

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The best things in life are free, but the next best things are very expensive. There is no gainsaying the fact that money rules the world. Even if you’re not very particular about living a very luxurious or ostentatious life, you can’t deny the fact that you’ll still need as much of it as you can lay your hands on. This is because money is means. It spells the difference between opportunity and limitation, and it can also cost a life or save it. If you want to have a good amount of income to meet needs as they arise amongst other things, you need to start looking beyond your 9-5 job – you need multiple streams of income. In fact, this has become a necessity. Here are some reasons you need to exploit multiple sources of income now:

  • The economy is unstable

It is no news that the economy is highly volatile. Thanks to the rising inflation rates, rising interest rates, and the ever diminishing time value of money, the money you have today would be able to offer you less as time passes. Unfortunately, rising cost of living does not guarantee an increase in your fixed income. You would realize that the salary you loved so much would no longer be sufficient for you. This is why you need to expand your sources of income.

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  • You can’t afford to depend on one source

Depending on one source of income is a serious financial mistake. Not only can it pose a problem to you, it can pose a problem to your family and other dependants. Depending on a single salary means that if for any reason your salary doesn’t come as expended, you might get into financial challenges so much so that you have to borrow or not have enough to meet contingencies. That in itself is very frustrating, not to mention risky.

 

  • Job insecurity

In the wave of the recession that swept across the nation not so long ago, one of the most prominent courses of action for affected companies was to retrench staff. Not only has unemployment rate been rising, even those who have jobs do not have total job security. If you do lose your job, what would you do to survive pending when you find a job? An alternate source of income keeps you afloat and removes the general panic that might come from such unfavourable possibilities.

 

  • Increased standard of living

Following what we already discussed on time value of money, your income today would not be able to conveniently meet your needs in a few years. As such, when growth is stunted and expenses keep rising, then you would be forced to reduce your overall expenses and possibly cut down your standard of living. That is not how to live.

Growth, business, money.
  • More money is always a good idea

More sources of income means more disposable income, and that means a whole lot. It gives you more money to fund your preferred lifestyle, gives you more money to save and invest, and it makes you more confident generally. Explore new money options and you would have yourself to thank for it.

BY: LAWRETTA EGBA

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